Crypto Flipsider News – Wall Street’s Floundering Performance, Fed Prepares Executive Order, Indonesia Bans Crypto, Kraken Puts Cardano Ahead of Ethereum, Bithumb to Ban Withdrawals, Meta Builds Metaverse Supercomputer
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- Wall Street suffers its worst losses since 2020. Biden is preparing an executive order, Indonesia bans firms from facilitating crypto trades
- Research-Driven Approach Gives Edge Over – Kraken
- Bithumb will suspend Crypto Withdrawals from Unverified Private Wallets
- Meta Launches New Giant AI Supercomputer To Power The Metaverse
Wall Street suffers its worst losses since 2020. Biden is preparing an executive order, Indonesia bans firms from facilitating crypto trades
As worries of rising inflation prevailed, stocks fell again on Wall Street, closing with the worst weekly drop for the S&P 500 since March 2020. In the week ending January 22, the S&P 500 fell 5.7%, Nasdaq fell by 2.7% (down 14.3% from November 13), and the fell by 1.3%.
Reports suggest that the Biden administration will soon release an executive directive on crypto in the midst of the mounting pressure. The order would outline the Fed’s strategy and ask regulators to determine the risks and opportunities inherent in cryptocurrencies.
The pressure on cryptocurrencies continues as Indonesia’s Financial Services Authority bans financial firms from offering, marketing, and facilitating crypto. Despite the crypto boom, the regulator warns investors not to invest in cryptocurrency assets.
- After Reduced to $33.5kIn the face of renewed interest in digital assets, the, rebounded and jumped 8% to $36,500 in just 24 hours
Bitcoin price chart 24 hours (BTC) Source: Tradingview
Why you should care
A massive fall in the cryptocurrency market coincided with a decline in the stock performance, which proves the interconnectedness of digital assets and financial markets.
Research-Driven Approach Gives Cardano Edge Over Ethereum – Kraken
Cardano is a blockchain project that has long been considered to be a competitor, as well Ethereum. Kraken Exchange compared Cardano (the largest proof-of stake blockchain) against Ethereum, which is the largest platform for smart contracts.
Cardano is credited with having the advantage because it uses a research-driven approach to design, says the exchange. Kraken explained in its note that Cardano is a design-driven company and believes this will help to accelerate the adoption of their technology.
Kraken pointed out that Cardano was created to promote its native token (ADA). This allows developers to create DApps securely on the blockchain. Ethereum is an open-source operating system, which can be used to run a variety of programs or assets.
Cardano is also being launched in stages, which is something that distinguishes it from other cryptocurrency projects. Kraken adds that each of Cardano’s upgrades offers appealing optimizations based on scientific research and formal verification.
- According to Kraken, Cardano’s approach may not promise new ground-breaking features to users and developers.
Why you should care
In the past, Cardano’s founder has explained that the project focuses on systematically building rather than promising magical changes with network upgrades.
Bithumb will suspend Crypto Withdrawals from Unverified Private Wallets
South Korea’s second-biggest crypto exchange, Bithumb, has announced that it will suspend crypto withdrawals to unverified private wallets from January 27. Bithumb now becomes the second exchange in South Korea to stop withdrawals to unauthenticated wallets.
Before the Korean Financial Intelligence Unit’s new Travel Rules are implemented, the unit has asked virtual asset service providers (including cryptocurrency exchanges) for registration with its monetary unit.
The new rules allow users to only register private wallets. Bithumb users now need to complete another KYC process in order whitelist their wallets. Bithumb users will not be able to withdraw funds if they fail to verify the personal wallets of any user who did not do so before January 27, 2017.
Bithumb announced the news after the NH Agricultural Bank strongly requested customer verification (KYC), for all personal crypto wallets.
- On January 24, the Bank of Korea announced it had completed its first phase of CBDC (central bank electronic currency) trials.
What You Need to Care About
The move from exchanges aligns with South Korea’s decision to stamp out crime from the cryptocurrency industry.
Meta Launches New Giant AI Supercomputer To Power The Metaverse
Meta (formerly Facebook,NASDAQ:) is trying to assert its claim to the metaverse. They have announced that the AI Research SuperCluster has been developed (RSC). It claims it to be the fastest AI supercomputers in the world.
Meta says that when it is fully completed, the RSC will boast 16,000 GPUs, making it the world’s fastest supercomputer to perform AI tasks. Meta believes that although the RSC is operational at the moment, it will be completed by mid-2022.
Mark Zuckerberg, the CEO of Meta, explained that the experiences his company is building for the metaverse require an enormous computing power — reaching into quintillions of operations per second.
Zuckerberg says that RSC will allow AI models to understand thousands of languages and learn trillions more from them.
- Meta faced severe challenges from regulators and called for its discontinuation. stablecoin project, Diem.
Why you should care
Meta’s RSC could prove to be significant to the metaverse, which is now described as the next iteration of the internet.
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